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We created a new set of watchlists that contain some interesting investment candidates. You can read about each of the new watchlists in our latest blog post. There are also a companion set of screeners associated with each of the watchlists. Any of the new watchlists or screeners can be imported into your Stock Rover account from the Stock Rover Investor’s Library.
The U.S. Energy Information Administration (EIA) in its January 2023 Short-Term Energy Outlook (STEO) expects total U.S. energy consumption to fall by 0.9% in 2023, and then rise 1.0% in 2024. The EIA projects that power consumption will slip from the record 4,044 billion kilowatt-hours (kWh) in 2022 to 4,014 billion kWh in 2023, it is then to increase to 4,064 billion kWh in 2024. Global consumption of liquid fuels is expected to increase to 102.2 million b/d in 2024 from an average of 99.4 million b/d in 2022, driven primarily by growth in India and China. Brent crude oil price will average $83 per barrel (b) in 2023, down 18% from 2022, and continue to fall to $78/b in 2024. EIA forecasts US gasoline refining margins will drop 29% in 2023 and then again by 14% in 2024, retail gasoline prices are forecast to averaging around $3.30/gal in 2023 and $3.10/gal in 2024. Refining margins for diesel are projected to fall by 20% in 2023 and then by 38% in 2024. Retail diesel prices are expected to average about $4.20/gal in 2023, down 16% from 2022. In 2024, the price is expected to continue to fall to an average near $3.70/gal. U.S. natural gas production is forecast rise to a record 100.34 billion cubic feet per day (bcfd) in 2023, and 102.29 bcfd in 2024. Gas consumption is projected to fall to 86.74 bcfd in 2023 and 85.79 bcfd in 2024 from a record 88.72 bcfd in 2022.
The U.S. Bureau of Labor Statistics reported the consumer price index declined 0.1% in December. Over the last 12 months, the all-items index is up 6.5% before seasonal adjustment as compared to 7.1% in November. This was the smallest 12-month increase since October 2021 and the third time since February that the annual increase in the CPI was reported below 8%. The CPI peaked at 9.1% in June. On a monthly basis, the all items index ticked up (+0.3%), and follows November’s (+0.2%) reading, and a (+0.3%) in October. A steep decline in gas prices was the primary contributor to the monthly all-items decrease. A (-9.4%) drop in the gasoline index more than offset a (+0.8%) increase in the shelter index. The energy index was down (-4.5%) as fuel oil dropped (-16.6%). The indexes for airfares (-3.1%), used vehicles (-2.5%) and new vehicles (-0.1%) all saw declines. The indexes for utility gas services (+3.0%), hospital services (+1.7%), electricity (+1.0%), motor vehicle insurance (+0.6%), and apparel (+0.5%) were among those that increased over the month. Core CPI inflation rose (+0.3%) in December, up from (+0.2%) the previous month. The annual rate of core CPI inflation is now at 5.7%. The shelter index is up 7.5% year over year and accounts for nearly half of the total increase in Core CPI.
The Labor Department reported a decrease in initial jobless claims for the week ending January 7th. The seasonally adjusted initial claims reported in at 205,000, a decrease of 1,000 from the previous week’s revised level. The previous week’s level was revised up by 2,000 to 206,000. The four-week moving average, which smooths out volatility was 212,500 an increase of 1,750 from the previous week’s revised average. On an unadjusted basis, claims rose 60,799 to 339,286. Of the 53 states and U.S. territories that report jobless claims, 19 reported declines, and 34 reported increases. New Jersey (-4,351), Connecticut (-1,883), and Iowa (-1,682) saw the most decreases. California (+18,179) led with the largest increase in initial claims, followed by New York (+17,507), and Texas (+9,425). For the week ending December 31st, the number of people continuing to claim unemployment also known as the insured unemployment rate was 1.3%, an increase of 0.1% from the prior week. Continuing claims reported in at 1.874M up 163,000 from the previous week’s level. For the week ending December 24th, 1.734M people were receiving jobless benefits through state or federal programs, an increase of 132,576 from the previous week’s level. There were 2.093M weekly claims filed for the comparable week in 2021.
Wednesday January 18 – Retail Sales (MoM) (December)
Friday January 20 – Existing Home Sales (December)
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